MADRID, Jul 29 (EUROPA PRESS) –
Traton, the commercial vehicle division of the Volkswagen group, has signed a syndicated credit line of 3.75 billion euros to provide greater “financial flexibility” on favorable terms.
As the firm has indicated in a statement, this line of credit, backed by a consortium of 21 banks, has an initial duration of three years, which can be renewed for two more years.
This money is available in different currencies and will serve to support the liquidity of the group and to be used in the operations it considers, providing Traton with additional “financial flexibility” on favorable terms.
The company has highlighted that this first syndicated line of credit marks an “important” step to support the recently released credit ratings by Standard & Poor’s (S&P) and Moody’s.
“Despite ongoing volatile markets and the persistent situation of the Covid-19, for the first time we have secured and prolonged the group’s liquidity in a syndicated format. Furthermore, it reflects that we have strong and reliable banking partners. Achieving this important step underscores our partners’ confidence in our strategy, “said Traton Chief Financial Officer Christian Schulz.